| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 79th | Best |
| Amenities | 71st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 200 Highland Manor Pl, Cary, NC, 27511, US |
| Region / Metro | Cary |
| Year of Construction | 2004 |
| Units | 32 |
| Transaction Date | 2003-11-21 |
| Transaction Price | $290,000 |
| Buyer | HIGHLAND MANOR APARTMENTS INC |
| Seller | DHIC INC |
200 Highland Manor Pl, Cary NC — 2004 Vintage 32-Unit Investment
Neighborhood fundamentals in Cary point to stable renter demand and high occupancy at the neighborhood level, according to WDSuite s CRE market data. Expect steady performance driven by amenity access and an ownership-cost environment that supports multifamily leasing.
Located in an inner-suburb pocket of Cary within the Raleigh Cary metro, the neighborhood scores an A rating and ranks 19th among 331 metro neighborhoods, indicating competitive positioning for multifamily investment. Neighborhood occupancy is in the mid-90s, measured for the neighborhood and not this property, supporting lease stability and consistent cash flows. Renter-occupied share is roughly half of housing units at the neighborhood level, pointing to a meaningful tenant base for small and mid-sized assets.
Amenity access is a differentiator: grocery and restaurant density sits in the top quartile nationally, with parks and cafes also above national medians. Average school ratings around 4 of 5 further bolster family appeal versus many peer submarkets in the region, a factor that can aid retention and widen the leasing funnel.
The asset s 2004 construction is materially newer than the neighborhood s older housing stock (average vintage mid-1950s). That positioning can reduce near-term capital expenditures relative to older comparables while still leaving room for targeted modernization to enhance competitiveness against the area s newer deliveries.
Within a 3-mile radius, demographics indicate a stable population with growth in household counts and modestly smaller household sizes. This combination typically expands the renter pool and supports occupancy durability. Elevated home values in the area relative to incomes create a high-cost ownership market, which tends to sustain rental demand and support pricing power, while a rent-to-income profile near the mid-20s suggests manageable affordability pressure for lease management.
Safety metrics for the surrounding neighborhood sit around the national midpoint overall, based on WDSuite s crime percentiles. Recent year-over-year estimates indicate declines in both property and violent offenses, which is a constructive trend for asset operations and resident retention.
Compared with other Raleigh Cary neighborhoods, the area performs competitively rather than at the extremes, with trend improvement more notable than absolute levels. As always, investors should underwrite standard security, lighting, and access-control measures aligned to submarket norms.
Proximity to a diversified employment base supports renter demand and commute convenience for workforce and professional tenants. Nearby employers include insurance, manufacturing training, and pharma distribution offices that can contribute to leasing stability.
- MetLife Auto & Home Craig Conley LUTCF — insurance (1.75 miles)
- Erie Insurance Group — insurance (3.1 miles)
- MetLife — insurance (3.2 miles)
- John Deere Morrisville Training Center — manufacturing training (4.3 miles)
- Amerisource Bergen — pharmaceutical distribution (4.9 miles)
200 Highland Manor Pl offers a 32-unit, 2004-vintage profile positioned against an older neighborhood housing base, creating relative competitiveness with potential for targeted upgrades. Neighborhood-level occupancy remains strong and renter concentration is meaningful, while amenity access and school quality compare favorably to metro peers. According to CRE market data from WDSuite, these factors, combined with a high-cost ownership landscape, help sustain multifamily rental demand and support lease retention.
Within a 3-mile radius, household counts are expanding and household sizes are edging lower, broadening the renter pool and underpinning demand for smaller-format units. Area safety trends are improving on a year-over-year basis, providing an additional tailwind for operations, though underwriting should remain conservative and plan for pragmatic capital and management practices typical of inner-suburb assets.
- 2004 vintage versus older neighborhood stock supports competitive positioning with manageable near-term capex and selective value-add potential
- Neighborhood occupancy in the mid-90s and a sizable renter-occupied base support leasing stability (neighborhood metrics, not property)
- Amenity-rich location with strong grocery, restaurant, and school access enhances tenant retention and pricing power
- 3-mile household growth and smaller household sizes point to renter pool expansion and steady demand
- Risks: pharmacy access is limited nearby; safety sits near national midpoint despite improvement; modest tilt toward ownership could temper renter share over time